CORPORATE PRESENTATION4 JUNE 2019

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Important notice

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You must read the following before continuing. The following applies to this document and the information provided in this presentation by Medivir AB (publ) (the “Company”) or any person onbehalf of the Company and any other material distributed or statements made in connection with such presentation (the “Information”), and you are therefore advised to carefully read thestatements below before reading, accessing or making any other use of the Information. In accessing the Information, you agree to be bound by the following terms and conditions.

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Medivir – Recent events

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• Clinical Development focus on oncology • Birinapant/Keytruda® : completion phase I study – Q4 2018

• Birinapant/Keytruda® : start of phase II study – Q4 2018

• MIV-818: Start of phase I study – Q4 2018

• MIV-828: CD nomination – Q4 2018

• Fixed cost base reduced with two thirds

• Strong management and cost-effective virtual organization

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PROJECT & MECHANISM DISEASE AREA RESEARCH PRECLINICAL PHASE I PHASE II PHASE III EXCLUSIVITY

RemetinostatHDAC INHIBITOR (TOPICAL)

Cutaneous T-cell lymphoma (MF)

Basal cell carcinoma1)

BirinapantSMAC MIMETIC (INTRAVENOUS)

Solid tumors(combo with Keytruda®)

MIV-818NUCLEOTIDE DNA POLYMERASEINHIBITOR (ORAL)

Hepatocellular carcinoma

MIV-828NUCLEOTIDE BASED DNA POLYMERASEINHIBITOR (INTRAVENOUS)

Blood cancer (acute myeloid leukemia)

MIV-711CATHEPSIN K INHIBITOR (ORAL)

Osteoarthritis

Broad and robust pipeline

1) Investigator sponsored study at Stanford U.

IP: 2034

IP: 2034

Completed Ongoing

IP: Est 2039

IP: 2034

IP: 2035

IP: 2034

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Remetinostat for early-stage MF cutaneous T-cell lymphoma

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MF-CTCL: orphan blood cancer indication

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• CTCL is a rare form of non-Hodgkin lymphoma primarily present in the skin. Mycosis fungoides (MF) is the most common form of CTCL

• Annual new cases; US 2,000; EU 3,000; Sweden 25

• Five-year survival: 85%; more than 16,000 US patients live with MF-CTCL

• Skin lesions and severe itching are common and affect patients quality of life

• Early stage disease lasts for long periods and requires well tolerated therapy

• Available treatments, including systemic HDAC inhibitors, have severe side effects

Cutaneous T-cell lymphoma (CTCL) affects lymphocytes (cells belonging to the immune defense system) located in the skin and typically has a chronic course.

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Remetinostat: for treatment of early stage MF-CTCL

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• Remetinostat is a histone deacetylase (HDAC) inhibitor

• Remetinostat’s unique chemistry and topical formulation provides for activity in skin and rapid degradation in blood

• Approved HDAC inhibitors not used in early-stage MF-CTCL patients

• US orphan drug designation 600 30 90

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Dose 1% 1x/day n=20

0.5% 2x/day n=20

1% 2x/day n=20

Lesion responses1 20% 25% 40%

Patients with clinically significantpruritus

(40%)n=8/20

(30%)n=6/20

(50%)n=10/20

Pruritus responses 38% 50% 80%

Remetinostat: clinical proof-of-concept phase II MF-CTCL study

Well tolerated:

• No HDAC inhibitor-associated systemic adverse events

• Median time on treatment: 336 days (1% 2x/day dose)

Twelve months phase II data shows reduction in both lesions and severe itch

1) Confirmed responses based on CAILS, the Composite Assessment of Index Lesion Severity

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Remetinostat: next steps

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• Medivir will further define a planned phase III design based on the requirements clarified by the FDA

• One phase III study expected to be sufficient for FDA

• Phase III study will enroll treatment-experienced patients

• Medivir aims to identify a business partner for the further development of remetinostat

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Remetinostatopportunity in other skin cancers

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Investigator-initiated phase II study in BCC ongoing

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Study start-Tumor staging-Biopsy consent

Topical application of remetinostat under occlusion (1.0% gel t.i.d.)12 weeks f.u.

Week 4-Tumor assessment-Safety assessment

Week 8-Tumor assessment-Safety assessment-Biopsy consent

Drug product,

delivered from

Medivir

Study design

• 8-week open-label phase II clinical study to assess efficacy of remetinostat in patients with BCC

• Primary objective: Determination of suppression of BCC growth & ORR (overall response rate) using RECIST v1.1 criteria

Basal cell carcinoma

• The most common form of cancer in humans occurring in the skin• Surgery is standard of care, but there is a need for efficacious and safe treatments when surgery is impractical,

e.g. multiple lesions and/or difficult treatment sites

Investigator: Kavita Sarin, Stanford University School of Medicine in California, USA

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Interim results presented at SID Annual meeting May 2019

• The ORR, at least a 30% decrease in longest diameter, was 64% (9/14).

• The average decrease in tumor area is 70% (n=14), while the average decrease in

longest diameter is 62% (n=14). 43% (6/14) of tumors were fully cleared.

• No systemic toxicities have been observed.

• Grade 2 eczematous local site reactions occurred in 71% (10/14) tumors treated with

topical remetinostat under bandage occlusion.

More information can be found at www.medivir.com

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Birinapant: Uniquely potent against selected solid tumors

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Solid tumors: large unmet medical needs

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Colorectal cancer indication (CRC)

• The second most common cancer in women and the third in men

• Estimated new cases 2018: US: 140,000; EU: 490,000; Sweden: 6,200

• Five-year survival when metastatic: 14%

Other cancer indications• Ovarian cancer, the leading cause of mortality due a gynecologic tumor

• Estimated new cases 2018: US: 22,000; EU: 23,000 Sweden: 700

• Five-year survival: 47%

• Cervical cancer, the third most common cancer in women world-wide

• Estimated new cases 2018: US: 13,000; EU: 60,000; Sweden: 450

• Five-year survival: 62.5%

Many patients with solid tumors have few or no options and are in need of effective medicines to extend life. The immuno-oncology medicine Keytruda® on its own is not sufficiently effective in treatment of certain solid tumors.

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Birinapant may benefit patients with inadequate response to immuno-oncology therapies

• Birinapant, a SMAC mimetic, enables tumor cell death and augments the immune system

• Great potential to improve treatment of cancers when combined with immuno-therapy

• Ongoing collaboration with Merck for a phase I/II study in solid tumors

o Joint development committee oversees the study

o Keytruda® provided at no cost by Merck

o Medivir retains full global rights to birinapant and data

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Birinapant/Keytruda® combination - phase I/II study ongoing

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Phase II

• Dose escalation completed; December 2018: n=19

o One CRC patient has achieved partial response, which had been maintained for over 1 year

o Two patients had stable disease for 18 weeks

o Safety and tolerability: No concerns

o Phase II dose selected at 22 mg/m2

RP2D

Phase II expansion, n≤28 pts Phase I (n= 19 pts)Interpatient dose escalation ( 3+3 design)

Phase I

Phase 2 Ovarian (n=17+10)Phase I: Sequential group dose-escalation to determine safety and tolerability and establish the recommended phase II dose.

Phase II: Safety, tolerability and efficacy of the recommended dose of birinapant.

• In late December 2018 the first patient was dosed in the phase II part of the study

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MIV-818: Nucleotide prodrug for the treatment of liver cancer

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Liver cancer focus: hepatocellular carcinoma (HCC) and intrahepatic cholangiocarcinoma

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• HCC is the third leading cause of cancer-related deaths worldwide

o Estimated new cases 2018: Asia: 610,000; US: 42,000; EU: 82,000; Sweden: 550

o Orphan disease in Western markets, but one of fastest growing and most deadly cancers in US

o High incidence in Asia including China - Hepatitis B & C very common

o Five-year survival: 18%

o Genetically heterogeneous leading to limited effect of molecularly targeted therapies

• Intrahepatic cholangiocarcinoma is the second most common primary liver tumor

o Median survival is only twelve months

• Existing treatment options provide very little survival benefit

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MIV-818: prodrug for enhanced efficacy and safety in liver cancer therapy

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MIV-818

• Enhanced activity

• Selectivity for cancer

• Improved delivery to the liver

• Oral administration

• Limited systemic side effect

Troxacitabine

• Clinically active but failed due to systemic dose-limiting toxicities

Medivir prodrug

technology

Phase Ia (n=6)Intrapatient dose escalation

Phase Ib (n=24)Interpatient dose escalation

Safety and tolerability. Decision to move into phase Ib

Safety and tolerability. Decision about recommended dose for phase II

RP2DPhase I

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MIV-828: For acutemyeloid leukemia

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MIV-828: Summary

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Opportunity in hematological cancers

• Better tolerated and more effective agent in patients with AML and other hematological cancers

• Initial development in relapsed/refractory AML patients

Profile of MIV-828

• Nucleotide prodrug based on one of Medivir’s proprietary areas of expertise

• Active metabolite shown to have potent anti-leukemic activity in preclinical in vivo models

• Increased activity and reduced susceptibility to pharmacologic resistance mechanisms of prodrugs

• Preclinical activity also demonstrated against T-cell lymphoma

• Expected new cases 2018: US: 19,500; EU: 43,000; Sweden: 350

• Affects all ages, median age at diagnosis 68 years in the US

• Five-year survival: 50% in younger patients (<60y) and less than 10% in patients > 70y

Acute myeloid leukemia (AML) leads to an overproduction of abnormal immature cells in the bone marrow and prevents development of normal blood cells, which could lead to anemia, bleeding episodes and a high susceptibility for severe infections.

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MIV-711: Cathepsin K inhibitor with FDA fast track status

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Osteoarthritis (OA): the most common form of joint disease

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• Affects ~240m adults worldwide

• Prevalence increasing due to aging population and obesity epidemic

• Current treatments focus only on pain relief

• Large unmet medical need for a disease-modifying drug (DMOAD) with potential to slow, halt or reverse the progression of OA

• New US FDA guidelines in OA may enable pathway for accelerated regulatory approval

• New draft FDA Guidance published August 2018, focused on structural endpoints in OA development

Yuan et al. Osteoarthritis and Cartilage (2014), 22, 1077

OA kneeHealthy knee

Cathepsin K protease is involved in the breakdown of collagen I in both bone and collagen II in cartilage

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MIV-711: positive effects on joint structure and signalsof benefit on clinical symptoms

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Placebon=80

MIV-711 100 mg QDn=80

MIV-711 200 mg QDn=80

Femur bone area (mm2) 23.2 8.1 8.2

Cartilage thickness (mm) -0.066 0.008 -0.017

• Study design (MIV-711-201): 3 arms, 26 weeks treatment• Study design (MIV-711-202): 200 mg MIV-711, 26 additional weeks

MIV-711-201: Change from baseline vs week 26

• A trend consistently favoring MIV-711 arms in all predefined analyses of clinical outcomes, e.g. knee pain and knee function

• Safety and tolerability profile supporting advancement of MIV-711 as a disease-modifying OA drug candidate

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Summary

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Near term value inflection points

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• MIV-818: completion phase Ia study – Q2 2019

• Birinapant/Keytruda® : futility analysis completed – Q4 2019

Strategic focus on cancer indications with high unmet need